Cadila inches up after FDA approval for drug

Cadila Healthcare rose 0.9 percent to Rs 512 on BSE after the company said it has received final approval from the US drug regulator to market a drug.

The announcement was made on Saturday, 2 September 2017.

Meanwhile, the S&P BSE Sensex was down 66.08 points or 0.21 percent at 31,826.15.

On the BSE, 3,915 shares were traded on the counter so far as against the average daily volumes of 1.42 lakh shares in the past one quarter. The stock had hit a high of Rs 517.85 and a low of Rs 505.35 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017 and a 52-week low of Rs 329.95 on 26 December 2016.

The stock had underperformed the market over the past one month till 1 September 2017, sliding 6.25 percent compared with the Sensex's 2.1 percent fall. The stock had, however, outperformed the market over the past one quarter, advancing 7.8 percent as against the Sensex's 2.42 percent rise. The scrip had also outperformed the market over the past one year, gaining 35.22 percent as against the Sensex's 12.2 percent rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

Cadila Healthcare said it has received final approval from the United States Food and Drug Administration (USFDA) to market Mycophenalate Mofetil for Injection USP, 500 mg/vial. The drug is indicated for use in combination with other drugs i.e., cyclosporine and corticosteroids for the prophylaxis of organ rejection in patients receiving renal, hepatic or cardiac transplants. The drug will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.